Birrdevaluation Archives

07 Aug

National Bank of Ethiopia Sells USD at 108 Birr in Special Auction

ethionegari@gmail.com0 CommentsBusiness, NewsAuction, Birrdevaluation, EthioNegari, Ethiopia, Ethiopianews, usdvsbirr

National Bank of Ethiopia Conducts Special Foreign Exchange Auction: One USD Sold at 107.9 Birr The National Bank of Ethiopia (NBE) announced the results of a special auction held to sell US dollars to local banks. In today's auction, 27 banks submitted their desired USD amounts and bid prices. The NBE's statement indicated that the average purchase price offered by the banks for one US dollar was 107.9 Birr. The auction is expected to influence the daily foreign exchange rates issued by banks. Governor of the National Bank of Ethiopia, Mamo Mehretu, noted that the gap between official bank rates…

06 Aug

Ethiopia’s Annual Budget Surpasses $18 Billion

ethionegari@gmail.com0 CommentsBusiness, NewsAddisAbaba, annualbudget, Birrdevaluation, EthioNegari, Ethiopia

The federal government has prepared an additional budget of 550 billion birr. Two months ago, the federal government approved an annual budget of 970 billion birr and has now announced an additional budget of half a trillion birr. State Minister of Finance, Dr. Eyob Tekalign, stated that the federal government will present an additional budget of 551 billion birr to the House of Representatives. Out of this, 240 billion birr is allocated for social support, food security, employee salary increases, medicine subsidies, fuel subsidies, and other basic commodities. In total, Ethiopia’s federal government’s 2024/25 annual budget exceeds 1.5 trillion birr,…

29 Jul

Ethiopia Devalues Currency by 31 Percent Against Foreign Currencies

ethionegari@gmail.com0 CommentsBusiness, NewsAddisAbaba, Birr, Birrdevaluation, EthioNegari, Ethiopia, Ethiopianews, Nationalbankofethiopia, USD

Ethiopia has implemented a market-led foreign exchange rate system starting today, July 29, 2024. Following this decision, banks have begun applying the new exchange rate. The National Bank of Ethiopia announced that the foreign exchange management system has shifted to a market-based approach, where rates are determined by banks and their customers. The Commercial Bank of Ethiopia reported that one US dollar is being bought at 74.7364 Birr and sold at 76.2311 Birr, according to the latest foreign exchange rates. This shift has led to an average increase of 18 Birr per US dollar. Additionally, the exchange rate for one…

04 Dec

Ethiopia denies the devaluation of Birr

ethionegari@gmail.com0 CommentsBusiness, Fact check, News, PoliticsAddisAbaba, Birrdevaluation, EthioNegari, Ethiopia, Ethiopianews, Nationalbankofethiopia, USD

Ethiopia has denied reports of a devaluation of the Birr, the national currency. The National Bank of Ethiopia refuted a report published by the Reporter newspaper on December 03, which claimed that there were plans to make a major change in the foreign exchange rate. In a statement released by the bank, it condemned the false and misleading report, stating that it deviates from journalistic ethics. The bank clarified that during the presentation of the current fiscal year's first quarter plan performance report to the Parliament's Standing Committee on Planning, Budget, and Finance Affairs, no discussion or proposal regarding a…